Wall Street sank back to where it was in May, pulled down by steep drops in several Big Tech companies.
The S&P 500 fell 1.4% Wednesday after rising bond yields tightened their chokehold on the stock market and some of the most influential companies turned in mixed profit reports. The Dow lost 105 points, and the tech-heavy Nasdaq composite dropped 2.4%.
Google parent company Alphabet fell sharply on worries about a slowdown in growth for its cloud-computing business. Amazon, Nvidia and Apple also fell. Microsoft rose after reporting stronger profit than analysts expected. Crude oil prices jumped.
On Wednesday:
The S&P 500 fell 60.91 points, or 1.4%, to 4,186.77.
The Dow Jones Industrial Average fell 105.45 points, or 0.3%, to 33,035.93.
The Nasdaq composite fell 318.65 points, or 2.4%, to 12,821.22
The Russell 2000 index of smaller companies fell 28.07 points, or 1.7% to 1,651.43.
For the week:
The S&P 500 is down 37.39 points, or 0.9%.
The Dow is down 91.35 points, less than 0.3%.
The Nasdaq is down 162.58 points, or 1.3%
The Russell 2000 is down 29.36 points, or 1.7%.
For the year:
The S&P 500 is up 347.27 points, or 9%.
The Dow is down 111.32 points, less than 0.3%.
The Nasdaq is up 2,354.74 points, or 22.5%
The Russell 2000 is down 109.82 points, or 6.2%.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.